In 2023, China led global soybean oil production, dominating with a significant market share. The United States, Brazil, and Argentina followed, also comprising major producers, with steady year-on-year growth percentages. While India experienced a slight decline, countries like Russia, Iran, and Thailand showed notable increases. Minor players exhibited varied performance, with significant growth in countries such as Bangladesh and Vietnam, while others, like Saudi Arabia and Venezuela, faced declines. The Philippines and Sri Lanka recorded impressive year-on-year gains.
Future trends to watch include:
- Continued dominance of China and potential further growth in emerging markets like Iran and Thailand.
- Technological advancements influencing productivity and sustainability in developed countries.
- Geopolitical factors potentially affecting South American producers such as Brazil and Argentina.
Top countries in Soybean Oil Production Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 30.98 | 2023 | +1.89% | +1.84% | View data |
| 2 | 2 United States | 18.98 | 2023 | +0.78% | +0.51% | View data |
| 3 | 3 Brazil | 15.67 | 2023 | +1.11% | +0.85% | View data |
| 4 | 4 Argentina | 12.97 | 2023 | +0.17% | +1.03% | View data |
| 5 | 5 India | 2.36 | 2023 | -0.65% | -1.65% | View data |
| 6 | 6 Russia | 1.36 | 2023 | +1.91% | +1.44% | View data |
| 7 | 7 Paraguay | 1.36 | 2023 | +0.88% | +1.09% | View data |
| 8 | 8 Netherlands | 1.18 | 2023 | +1.75% | +1.41% | View data |
| 9 | 9 Germany | 1.08 | 2023 | -0.16% | -0.22% | View data |
| 10 | 10 Iran | 1 | 2023 | +5.38% | +5.64% | View data |
